The Friends of Watford Museum was set up in 1998 and their aims are:
-Being a vibrant, diverse community for people particularly interested in Watford’s history, and the associated themes covered by ...
Treasurer
Practical details
Volunteering • Long term role
Contact person
Cheryl Gardner
#119862
Scan me or visit www.govolherts.org.uk/o/Friends-of-MoW/opportunities/Treasurer/119862 to join
This is a vital role to ensure financial sustainability, transparency and compliance overseeing the financial affairs of the Friends.
The Treasurer acts as the custodian of the group's funds, ensuring financial transparency, legality, and stability. A volunteer role, the Treasurer shares joint responsibility with the committee for managing funds and ensuring compliance with financial regulations. The Treasurer will assume the responsibilities of the Chair in their absence including presiding over meetings and representing the group.
Key Responsibilities
- General Financial Oversight: Monitor the financial health of the Friends, including income, expenditure, and assets.
- Banking and Cash Handling: Manage the bank account, including paying in money promptly (ideally within one week of receipt), managing online banking, and overseeing floats for events.
- Book-keeping and Records: Maintain accurate, up-to-date records of all transactions, keeping receipts, invoices, and bank statements for at least 6 years.
- Financial Reporting: Present financial reports to the committee at regular meetings and prepare the annual report for the Annual General Meeting (AGM).
- Budgeting and Planning: Collaborate with the committee to create an annual budget and assist with fundraising strategies.
- Regulatory Compliance: Arrange independent examination/audit of accounts.
- Asset Management: Ensure proper records of assets and adequate insurance coverage.
Skills & Experience
- Good numerical and literacy skills.
- Experience with bookkeeping and financial spreadsheets (i.e. Excel).
- Understanding of financial management and budgeting.
Attributes:
- Trustworthy, honest, and reliable, with a high level of integrity.
- Organised and methodical with strong attention to detail.
- Confident in presenting financial data to a non-financial audience.
- A collaborative spirit to work closely with the committee.
Commitment
- Time: Approximately 2-4 hours per week. Attendance at regular committee meetings.
- Ad Hoc: Availability for ad hoc tasks such as paying invoices or counting cash after events.
Role Specifics
- Includes acting as an officer, depending on the constitution.
- Requires close collaboration with other committee members.
Best Practice
- Dual Authorisation: Ensure at least two unrelated signatories are required for bank transfers or cheque payments.
- Cash Handling: Do not keep large amounts of cash at home; bank it promptly, ideally within one week.
- Independence: Have the accounts independently examined each year by someone not involved in the day-to-day finances.
Key Relationships
- Chair: Close working relationship to provide support and acting as deputy in their absence.
- Secretary: Working closely to ensure proper administration.
- Committee: Supporting fellow committee members.
Terms of Office
- Typically, the role is for a fixed term (3 years), often with the option for re-election to ensure continuity while encouraging fresh input.
Related to
About Friends of MoW
The Friends of Watford Museum was set up in 1998 and their aims are:
-Being a vibrant, diverse community for people particularly interested in Watford’s history, and the associated themes covered by the Museum’s collection, to socialise and feel part of a group and the Museum
-Advocates for the Museum within the community
-Fundraising for the Museum to assist with the acquisitions, events, paid work experience placements etc
-Hosting talks on topics related to the collections' areas of the Museum
The Friends of Watford Museum is run independently by a committee elected at an annual meeting. The cost of running the Friends is met by subscriptions and donations.